Forex reserve hits record $44.02b
Bangladesh’s foreign exchange reserve yesterday hit a new record of $44.02 billion thanks to robust remittance inflows and lower import payments, Bangladesh Bank data showed. The reserve, one of the major macroeconomic indicators of an economy, touched the $41-billion mark on October 28 and rose to $42 billion on December 15 and then to $43 billion on December 30 last year. Between July and January this fiscal year, the country received $14.9 billion in remittance, up 34.95 per cent from a year ago. Remittance stood at $1.49 billion in the first 23 days of February in contrast to $1.24 billion in the same period a year ago, BB data showed. Remittance has played a vital role in boosting the foreign currency reserve amid the coronavirus pandemic, a Bangladesh Bank official said, adding that dwindling imports have also helped expand the reserve. Imports decreased 6.80 per cent year-on-year to $25.22 billion in the first half of the current fiscal year.
Electrical goods export jump
Exports of electrical goods rose 42.34 per cent year-on-year to $41.93 million in the July to January period of the current fiscal year, in a testament to Bangladesh’s growing prowess in the technological sector. The export receipts were $29.34 million during the same period a year ago, data from the Export Promotion Bureaus showed. Industry people credited the initiatives of entrepreneurs and continuous development of products for helping the country widen its export basket. Companies in Bangladesh export more than 30 types of electrical products, said Sohel Rana, chief executive officer of Walton Electric Appliance. Bangladesh exports electrical products such as cables, distribution boards, transformers, switch gears, wires, insulators, fans, heat and speed control systems, magnetic contractors, switches, and irons. Other export-oriented products include tube lights, filament bulbs, light fittings, table lamps, water heaters, torch lights, and lift equipment.
Bajaj Auto Ltd becomes world’s most valuable two-wheeler company
Bajaj Auto’s recent recognition as the world’s most valuable maker of two-wheelers with market capitalisation of over $13.6 billion is unlikely to surprise many in Bangladesh given its undisputed leadership in the country’s two-wheeler market backed with a strong association with the reputed Uttara Motors Ltd. Commenting on the milestone, Milind P Bade, vice president of international business at Bajaj Auto India, said the company exports motorcycles to more than 70 countries across the globe. It enjoys market leadership in key countries on account of its sharp product strategies and focus on differentiated customer experience, making Bajaj the most valuable two-wheeler company across the globe. The demand for sports motorcycles is increasing in Bangladesh as customers get the best in technology, safety and performance from premium bikes such as Pulsar.
Mercantile Bank launches 20 new Islamic banking windows
Mercantile Bank yesterday launched 20 new Shariah-compliant Islamic banking windows under a “TAQWA” brand. Managing Director and CEO Md Quamrul Islam Chowdhury inaugurated the services through a digital platform. The additions take the number of branches having such services to 45. Chowdhury said the Islamic banking facilities in parallel to that of conventional banking would ensure all types of client services.